If you own a classic motorbike then it’s likely that you’ve invested a large amount of money into it so it’s important that you protect your investment with the right level of insurance cover.
You might be relieved to hear that some bike insurers generally offer a cheaper quote for classic motorbikes than they do for more up-to-date models.
Like any other insurance policy, classic bike insurance premiums are calculated based on the perceived risk to the insurer and the likelihood of a claim arising.
Statistically speaking, owners of classic motorcycles are less likely to have a n insurance claims when compared to other riders. This may be due to the fact that owners of classic bikes tend to take greater care of their bikes and tend to ride them less and perhaps more conservatively than other riders.
Bike insurers also see classic bikes as less of a theft risk, as motorbike thieves will find it more difficult to sell classic bikes on.
It is worth keeping in mind however that due to the rarity of spare parts for classical bikes, premiums in some cases can be higher than they might otherwise be.
Classic bike criteria
Many bike insurers have their own criteria to determine what bikes qualify as a classic. In most cases the bike needs to be at least 20 years old although this exact age does vary from company to company.
Some insurers may have a specific insurance category known as ‘modern classic’ as part of their range of classic bike insurance policies.
The majority of classic motorcycle policies are aimed towards bike enthusiasts who only plan to use their motorbike on a more social basis for days out or shows, rather than for everyday use.
As part of the classic bike policy, some insurers do stipulate as a policy requirement that your beloved bike is locked up securely in a garage or outbuilding overnight. Some insurers will even set a minimum age limit for policy holders and other named riders.
Tips on finding cheap classic bike insurance
Just like other types of bike insurance, there are a few ways that you can help to reduce the price you are quoted for insurance.
Limit your mileage
By agreeing a lower annual mileage limit beforehand, you can help to lower the price you are quoted for insurance. This is mainly due to the fact that the less time your bike is on the road, the less likely it is to be involved in an accident.
Insurance companies love security. The more secure and environment you can keep your motorbike the more you’ll find your premiums reduced. Many bike owners also fit their machines with an immobilizer to reduce the likelihood of theft. For many owners storing their bikes overnight in a secure area is a must.
When shopping around for classic bike cover, it is always a good idea to request quotes from all the leading bike insurers. This allows you to search and find the cheapest classic motorbike cover and a policy that matches your specific requirements.